Mach Natural Resources (NYSE:MNR) Sets New 52-Week Low - Here's What Happened

Key Points

• Mach Natural Resources shares hit a new 52-week low, falling to $10.15 during Wednesday trading and last changing hands near $10.22.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $16.33, although some firms recently downgraded the stock to “Strong Sell.”
• The company reduced its quarterly dividend to $0.36 from $0.64, resulting in a 14.1% annualized yield; insiders nevertheless bought roughly $2.39 million of shares over the past three months.

Mach Natural Resources LP (NYSE:MNR - Get Free Report) shares hit a new 52-week low during mid-day trading on Wednesday. The company traded as low as $10.15 and last traded at $10.2240, with a volume of 776095 shares. The stock had previously closed at $10.32.

Analyst Ratings Changes

MNR has been the topic of several analyst reports. Northland Securities set a $17.00 price target on Mach Natural Resources in a research report on Monday, August 10th. Stifel Nicolaus initiated coverage on shares of Mach Natural Resources in a research report on Thursday, September 10th. They issued a "buy" rating and a $15.00 price objective for the company. Weiss Ratings cut shares of Mach Natural Resources from a "hold (c)" rating to a "hold (c-)" rating in a research note on Wednesday, September 16th. Zacks Research lowered shares of Mach Natural Resources from a "hold" rating to a "strong sell" rating in a report on Monday, September 14th. Finally, Capital One Financial assumed coverage on shares of Mach Natural Resources in a report on Friday, September 4th. They set an "overweight" rating and a $16.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Mach Natural Resources presently has a consensus rating of "Moderate Buy" and an average price target of $16.33.

Mach Natural Resources Price Performance

The company has a quick ratio of 0.76, a current ratio of 0.88 and a debt-to-equity ratio of 0.63. The business's 50-day simple moving average is $12.43 and its 200 day simple moving average is $13.03. The firm has a market capitalization of $1.71 billion, a P/E ratio of 17.33 and a beta of -0.32.

Mach Natural Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 31st. Investors of record on Monday, August 17th were given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 14.1%. The ex-dividend date was Monday, August 17th. This is a drop from Mach Natural Resources's previous quarterly dividend of $0.64. Mach Natural Resources's dividend payout ratio is 244.07%.

Insider Buying and Selling at Mach Natural Resources

In other Mach Natural Resources news, insider Tom Ward purchased 172,413 shares of the stock in a transaction on Monday, September 14th. The stock was acquired at an average cost of $11.60 per share, with a total value of $1,999,990.80. Following the completion of the purchase, the insider directly owned 13,467,452 shares of the company's stock, valued at approximately $156,222,443.20. This trade represents a 1.30% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William McMullen purchased 12,390 shares of the business's stock in a transaction on Tuesday, September 15th. The shares were acquired at an average price of $11.30 per share, with a total value of $140,007.00. Following the completion of the transaction, the director owned 74,872,307 shares of the company's stock, valued at approximately $846,057,069.10. This trade represents a 0.02% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders acquired 206,927 shares of company stock valued at $2,388,893 over the last three months. 87.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Mach Natural Resources

Several institutional investors and hedge funds have recently bought and sold shares of MNR. Tidal Investments LLC raised its holdings in Mach Natural Resources by 94.7% during the 2nd quarter. Tidal Investments LLC now owns 41,112 shares of the company's stock valued at $520,000 after buying an additional 19,997 shares during the last quarter. Wedbush Securities Inc. raised its stake in shares of Mach Natural Resources by 3.2% during the second quarter. Wedbush Securities Inc. now owns 29,167 shares of the company's stock valued at $369,000 after acquiring an additional 913 shares during the last quarter. Pin Oak Investment Advisors Inc. purchased a new stake in shares of Mach Natural Resources during the second quarter worth about $3,064,000. Avior Wealth Management LLC purchased a new stake in shares of Mach Natural Resources during the second quarter worth about $253,000. Finally, Royal Bank of Canada grew its stake in shares of Mach Natural Resources by 42.8% in the first quarter. Royal Bank of Canada now owns 13,882 shares of the company's stock worth $194,000 after purchasing an additional 4,164 shares during the last quarter. 78.36% of the stock is currently owned by institutional investors.

About Mach Natural Resources

Mach Natural Resources LP is an independent oil and natural gas company focused on the acquisition, development and operation of producing properties in the Anadarko Basin of western Oklahoma. The company's operations are concentrated in a resource-rich region with established infrastructure and long-standing oil and gas activity.

Mach Natural Resources' production includes crude oil, natural gas and natural gas liquids. Its activities span the exploration and development of wells, production operations, and the management of related gathering and infrastructure assets.

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